{"id":728535,"date":"2023-02-03T06:48:32","date_gmt":"2023-02-03T11:48:32","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/brookfield-business-partners-reports-2022-year-end-results\/"},"modified":"2023-02-03T06:48:32","modified_gmt":"2023-02-03T11:48:32","slug":"brookfield-business-partners-reports-2022-year-end-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/brookfield-business-partners-reports-2022-year-end-results\/","title":{"rendered":"Brookfield Business Partners Reports 2022 Year End Results"},"content":{"rendered":"
\n

BROOKFIELD, NEWS, Feb. 03, 2023 (GLOBE NEWSWIRE) — Brookfield Business Partners (NYSE: BBUC, BBU; TSX: BBUC, BBU.UN) announced today financial results for the year ended December\u00a031, 2022.<\/p>\n

\u201cOur operations were resilient and we achieved great progress on our growth initiatives in 2022,\u201d said Cyrus Madon, CEO of Brookfield Business Partners. \u201cOur solid financial results in a challenging environment demonstrate the quality of our operations. We are well positioned to continue building value in 2023 as we execute our operational improvement plans.\u201d<\/p>\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Three Months Ended<\/strong>
\n
\n December 31,<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Year Ended<\/strong>
\n
\n December 31,<\/strong>\n <\/td>\n<\/tr>\n
\n US$ millions (except per unit amounts), unaudited<\/em>\n <\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n2021<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n2021<\/td>\n<\/tr>\n
Net income (loss) attributable to unitholders1 <\/sup><\/td>\n\n $<\/strong>\n <\/td>\n\n 8<\/strong>\n <\/td>\n$<\/td>\n41<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 146<\/strong>\n <\/td>\n$<\/td>\n643<\/td>\n<\/tr>\n
Net income (loss) per limited partnership unit2<\/sup><\/td>\n\n
\n $<\/em>
\n <\/strong>\n <\/td>\n		\n
\n 0.04<\/em>
\n <\/strong>\n <\/td>\n		\n $<\/em>\n <\/td>\n\n (0.25<\/em>\n <\/td>\n\n )<\/em>\n <\/td>\n\u00a0<\/td>\n\n
\n $<\/em>
\n <\/strong>\n <\/td>\n		\n
\n 0.73<\/em>
\n <\/strong>\n <\/td>\n		\n $<\/em>\n <\/td>\n\n 3.28<\/em>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBITDA3<\/sup><\/td>\n\n $<\/strong>\n <\/td>\n\n 659<\/strong>\n <\/td>\n$<\/td>\n550<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 2,335<\/strong>\n <\/td>\n$<\/td>\n1,761<\/td>\n<\/tr>\n<\/table>\n

Net income attributable to unitholders for the year ended December\u00a031, 2022 was $146 million ($0.73 per limited partnership unit) compared to net income of $643 million ($3.28 per limited partnership unit) in the prior year. Prior year results included net gains on the partial sale of our graphite electrode operation and public securities.<\/p>\n

Adjusted EBITDA for the year ended December\u00a031, 2022 was $2,335 million compared to $1,761 million for the year ended December 31, 2021, reflecting increased contribution from our Business Services, Industrials and Infrastructure Services segments.<\/p>\n

\n Operational Update <\/strong>\n <\/p>\n

The following table presents Adjusted EBITDA by segment:<\/p>\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Three Months Ended<\/strong>
\n
\n December 31,<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Year Ended<\/strong>
\n
\n December 31,<\/strong>\n <\/td>\n<\/tr>\n
\n US$ millions, unaudited<\/em>\n <\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2021<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2021<\/td>\n\u00a0<\/td>\n<\/tr>\n
Infrastructure Services<\/td>\n\n $<\/strong>\n <\/td>\n\n 254<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n212<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 872<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n613<\/td>\n\u00a0<\/td>\n<\/tr>\n
Industrials<\/td>\n\u00a0<\/td>\n\n 230<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n225<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 879<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n713<\/td>\n\u00a0<\/td>\n<\/tr>\n
Business Services<\/td>\n\u00a0<\/td>\n\n 213<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n149<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 722<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n561<\/td>\n\u00a0<\/td>\n<\/tr>\n
Corporate and Other<\/td>\n\u00a0<\/td>\n\n (38<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(36<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (138<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(126<\/td>\n)<\/td>\n<\/tr>\n
\n Adjusted EBITDA<\/strong>
\n
\n 3<\/strong>
\n <\/sup>\n <\/td>\n		\n $<\/strong>\n <\/td>\n\n 659<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n550<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 2,335<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n1,761<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

Our Infrastructure Services<\/strong> segment generated Adjusted EBITDA of $872 million in 2022, compared to $613 million in 2021. Results benefited from the contribution of recent acquisitions and increased performance at our nuclear technology services operation, partially offset by decreased contribution from offshore oil services. Current year results included contribution from our modular building leasing services operation and lottery services operation which we acquired in December 2021 and April 2022, respectively.<\/p>\n

Our Industrials<\/strong> segment generated Adjusted EBITDA of $879 million in 2022, compared to $713 million in 2021. Results benefited from the contribution of recent acquisitions and strong performance at our water and wastewater services operation. Current year results included contribution from our solar power solutions provider and engineered components manufacturing operation which we acquired in August 2021 and October 2021, respectively.<\/p>\n

Our Business Services<\/strong> segment generated Adjusted EBITDA of $722 million in 2022, compared to $561 million in 2021. Results benefited from the contribution of recent acquisitions and strong performance at our residential mortgage insurance operation, partially offset by reduced contribution from our non-bank financial services operation in India. Current year results included contribution from our Australian residential mortgage lender and dealer software and technology services operation which we acquired in May 2022 and July 2022, respectively.<\/p>\n

The following table presents Adjusted EFO4<\/sup> by segment:<\/p>\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Three Months Ended<\/strong>
\n
\n December 31,<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Year Ended<\/strong>
\n
\n December 31,<\/strong>\n <\/td>\n<\/tr>\n
\n US$ millions, unaudited<\/em>\n <\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2021<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2022<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2021<\/td>\n\u00a0<\/td>\n<\/tr>\n
Infrastructure Services<\/td>\n\n $<\/strong>\n <\/td>\n\n 148<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n160<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 513<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n396<\/td>\n\u00a0<\/td>\n<\/tr>\n
Industrials<\/td>\n\u00a0<\/td>\n\n 119<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n141<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 473<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n879<\/td>\n\u00a0<\/td>\n<\/tr>\n
Business Services<\/td>\n\u00a0<\/td>\n\n 125<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n125<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 508<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n397<\/td>\n\u00a0<\/td>\n<\/tr>\n
Corporate and Other<\/td>\n\u00a0<\/td>\n\n (67<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(30<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (178<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(99<\/td>\n)<\/td>\n<\/tr>\n<\/table>\n

Adjusted EFO for the year ended December 31, 2022 reflected increased contribution from our Infrastructure Services and Business Services operating segments. Adjusted EFO in the current year included $57 million in after-tax net gains primarily related to the partial sale of public securities. Prior year results included after-tax gains of $476 million recognized in our Industrials segment on the partial sale of our graphite electrode operation and public securities.<\/p>\n

\n Strategic Initiatives<\/strong>\n <\/p>\n